Biz Bits: Homewise receives a $750,000 grant for down payment assistance
Aug. 7—Homewise receives a grant for downpayment assistance
Homewise, a community development finance institution, received a $750,000 grant that will be put toward downpayment assistance for residents in New Mexico's 3rd Congressional District.
The grant, which comes from congressionally directed spending administered by the U.S. Department of Housing and Urban Development, was announced by Rep. Teresa Leger Fernández and Homewise CEO Mike Loftin at an event in Santa Fe last week.
"When you own your own home, your rent doesn't increase, you build wealth you can pass on to your kids, and you contribute to a more vibrant neighborhood and community," Leger Fernández said in a statement. "But one of the biggest hurdles for first-time buyers is the down payment and money needed at closing, which is why the $750,000 for Homewise's Homeownership Voucher Program was one of my priorities. Projects like this are how we build our middle class; how our teachers, nurses and artists can afford to live and stay in their hometown. I hope to make homeownership vouchers a nationwide program."
Residents can apply for downpayment assistance through the Homeownership Assistance Voucher Program with Homewise, according to a news release. Eligible residents include those who earn 120% or less of the area median income.
Homewise says the vouchers will come in the form of DPA loans, which are deferred payment loans with no interest.
"For people that have historically been excluded from the homebuying market, such as people of color and lower-income families, downpayment assistance loans can mean the difference between buying a home or not," Loftin said.
Senior-focused NM-NEW acquired by CNM Ingenuity
CNM Ingenuity, the economic development arm of Central New Mexico Community College, acquired the nonprofit organization NM-NEW in July, according to a news release.
NM-NEW, founded in 2020 by Paula Getz, "proactively engages New Mexico residents who are age 50 to 70-plus through work, mentoring and entrepreneurship opportunities, as well as social and learning activities," the news release said.
The acquisition, according to CNM Ingenuity, will help the college to hire high-quality instructors who want to share their expertise with students. The older adult population involved with NM-NEW can also become students themselves, the news release said.
The plan for the next five years is to turn NM-NEW into a "driving force in the community," CNM said. Getz will stay on as an advisor to CNM Ingenuity.
"Our learners need instructors who have both professional and life experience, and there is no better place to find that than in the older population," Kyle Lee, CEO of CNM Ingenuity, said in a statement. "The union of NM-NEW and CNM Ingenuity is truly a win-win for those who want to continue to share what they know and for our learners who need that knowledge."
Albuquerque tech startup selected for accelerator
The Albuquerque-based tech startup Materian.ai has been selected to participate in the Techstars Boulder Accelerator, according to a news release.
Materian.ai helps general contractors expedite their bids through a platform powered by artificial intelligence that uses data analysis.
The three-month accelerator includes startups from Colorado, New Mexico, California, New York, Pennsylvania, Virginia and Toronto, Canada. It provides Materian.ai with startup funding, as well as hands-on mentorship.
Techstars, founded in 2007 has backed nearly 200 companies that have raised over $2 billion in capital, the news release said.
"Techstars Boulder Accelerator is harder to get into than Harvard University," Zeke Chavez, CEO of Materian.ai, said in a statement. "They receive thousands of applicants and select 12. To be one of those 12 is a huge accomplishment, and I look forward to taking everything I learn this summer to grow my start-up and become another New Mexico success story."
NY real estate firm launches NM investment division
The New York-based real estate firm PreReal Prendamano Real Estate has launched an investment division in New Mexico aimed at providing a "one-stop shop for investors seeking to capitalize on real estate opportunities," according to a news release.
The investment division, called PreReal Investments, has a focus on residential, commercial and raw land investment opportunities in the Southwest.
PreReal Investments says it acquired all of the assets in its portfolio with its own capital and zero debt financing, which it says is a "unique way of capitalizing on opportunities" that "provides investors the security of a debt fund with the upside of an equity fund."
The investment division says the largest portfolio of opportunities is in Sierra County, home to Spaceport America, Elephant Butte, and the town Truth or Consequences. Inventory can be found on the investment division's website at prerealinvestments.com.
"We have made a career out of staying ahead of the trends. We are focused on sourcing underperforming assets in emerging markets," founder and CEO James Prendamano said in a statement. "Our experience allows us to unlock both the seen and unseen value of our real estate assets."